The World's Game (According to Us)

Is money killing world soccer?

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Why can't guys like this run pro soccer clubs?

Recently, European newspapers and soccer magazines have been, like a group of self-satisfied Chicken Littles, proclaiming the end of an era. The global financial crisis has halted the days of billionaire takeovers and big spending, they say. The soccer bubble is bursting.

Many think this is a good thing. Money, they say, is ruining soccer. Last week the London Times' "50 worst things about football" condemned the sport's rich, their new stadiums and their paychecks. "When was the last time a milkman lifted the FA Cup?" it lamented. When was the last time a milkman delivered your milk?

The Times, though, may have to wait some time for the promised soccer crash and the return of the milkman. It turns out that English Premier League clubs actually spent more this past month—in the middle of a global recession—than they had in any previous January transfer window, some 25 million pounds more than last year and 110 million more than 2007. Some of this was Manchester City's recession-proof Arabian money, but what about Arsenal, the rich but frugal club with a manager who's always touting prudence and patience like a school marm? They spent a record amount on a big-name Russian, and he ain't no spring chicken.

The sky is falling after all, but it's hard to predict where it's going to land. Some clubs are still flush—perhaps Arsenal can afford to spend because they have big their own branded version of the popular video game Football Manager—while others are left waiting for the milkman.

Take Granada, a third division Spanish club. They're so hard up they haven't paid their players for months. As a result, the team protested by kneeling down and facing the owners box at the start of the game. Their opponents just knocked the ball around and waited for the protest to end.

Over in Paris, the notoriously rough fans of PSG are not happy with their team's financial managers either, even though they have foreign-billionaire backing. The fans hung a banner that read, in English, "Colony Go Home"—a reference to the American investment group run by real estate mogul Thomas Barrack that controls the club. The Parisians apparently preferred Abu Dhabi cash. They supported ousted president Charles Villeneuve, who allegedly wanted to get a piece of the oil-drenched Man City pie.

Despite the downturn, there are still billionaires out there thinking about pouring more money into the doomed soccer business, at least in England. Another American investor, New England Patriots and Revolution owner Robert Kraft, has discussed taking over Liverpool. But he's worried, not about the great recession, but about trying to compete with big spenders out there. "We would never want to be in a business where we couldn't compete," Kraft said. "And right now, some of the structure doesn't allow you to compete on a level playing field."

If Kraft can't compete, the milkmen are screwed.

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